Wednesday, September 17, 2008

John McCain, Phil Gramm, AIG-Follow the Yellow Brick Road

The Economy Needs FIXIN, and John McCain is Just The Man To Do It

Oh the wicked evil web one does weave...seems that John McCain in some ways is seriously tied up in the AIG failure, and George Bush's bailout of the beast. Lets follow the proverbial yellow brick road, connect the dots that tie John McCain, Mr. Reformer to the almost 100 BILLION dollar bailout of AIG.

Just how is Reformer McCain connected to the technically bankrupt AIG you ask?

After the Stock Market Crash of 1929 styled drop on Wall Street yesterday, and a rocky morning today (yesterday actually), there was a remarkable rally with the market ending up almost 150 points...WHY? Seems word on the street was AIG was going to get a Federal Bailout...first, talk about insider trading, and secondly WHY THE BAIL OUT when they had already been told NO? We common folks got the word on the evening news, Anderson Cooper verifying it at ten PM on his 360 show. AIG would be getting somewhere between $75-90 BILLION dollars in the form of a bridge loan...if they fail to pay it back, the federal government will own 80 percent of the company. (Think USEC from back in the Bush I days.) Why no to Lehman, but yes to AIG...could it be AIG's ties to John McCain, could it be Bush knew the White House was/is gone for the Republicans if AIG fails? Could it be that this bridge loan will keep AIG afloat until just after the election?

How many remember Phil Gramm...you know, the guy that called us middleclass Americans WHINERS! The guy who until he made that remark was John McCain's CHIEF FINANCIAL ADVISOR, the same man who headed up John McCain's FAILED 2000 bid for the presidency?

OK, follow me here. AIG you see insured most of the Sub Prime mortgages that are being held by various banks and lending institutions. AIG goes belly up, and these other HIGH FLYING crooks insurance policies on these WORTHLESS Sub Prime loans go bad...in short, they are left HOLDING THE BAG, are going to have to suck it up and pay the cost of their own bad business decisions. To be specific, Housing Wire reports that AIG is holding CDS protection on $441 Billion dollars worth of fixed assets including (drum roll please) $57.8 billion in subprime mortgage assets! That's right folks, while our equity goes down the toilet, the AIG bailout is basically going to see us picking up the tab for bad business decisions on the part of Wall Street! Now, lets go back to John McCain and his butt hole buddy Phil Gramm.

When one Brooksley Born, of the Commodity Futures Trading Commission (CFTC), tried to bring these market segments (deriatives) under governmental control, the move was SHOOT DOWN by a group of (lobbyist funded) government officials lead by Senate Banking Committee chairman Phil Gramm. John McCain's chief financial advisor until just months ago, who described the move to avoid regulation of deriatives thusly:

Avoiding getting involed ensures that neither the SEC nor the Commodity Futures Trading Commission will get into the business of regulating newfangled financial products called swaps and would thus "protect financial institutions from overregulation" and "position our financial services industries to be world leaders into the new century."

So, who should be blamed for America's middleclass having to foot the bill to bail out AIG...it could easily be argued that John McCain's CHIEF FINANCIAL ADVISOR, the man who ran John McCain's failed bid for the presidency back in the year 2000, one Phil Gramm should share the lions share of the blame for this mess! So my good friends, there you have it. John McCain's trusted confident and close political ally is costing us $90 Billion dollars on just this one bailout, but he wants us to believe he can get us out of the Economic Malstrom we now find ourselves in. Start SEEING THE TRUTH America...John McCain is not our friend, nor is he a reformer. He's a doddering old fool who does not have a clue when it comes to the economy.

By the way...remember that last BIG BANKING SCANDAL? You know, the Savings and Loan failures...John McCain was at the center of it...can we say KEATING?